So who's gonna be the first one to cut a whole music video using this?

It's ridiculously impractical, but I'm sure somebody out there is gonna try it. You actually can do frame-accurate cutting (sort of), but timing to any audio is gonna be close to impossible without using additional software to help you. Plus, you have to use audio from their built-in library (although admittedly it does include 40,000 audio tracks. Not bad).